Singapore’s largest bank, DBS, to acquire land in The Sandbox metaverse

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Singapore’s largest bank, DBS, on Friday announced a partnership with The Sandbox, a decentralized virtual gaming world and a subsidiary of Animoca Brands. As part of this partnership, DBS will create a metaverse experience and purchase land in The Sandbox.

DBS will purchase a 3×3 piece of land from LAND – a unit of virtual real estate in The Sandbox metaverse – to develop “BetterWorld”, an interactive metaverse experience showing the importance of building a better and more sustainable world.

“Our partnership with The Sandbox and Animoca Brands marks the beginning of an exciting collaboration as we push the boundaries of what’s possible in the metaverse,” said Piyush Gupta, CEO of DBS. “We also look forward to leveraging it as an additional innovative platform to spread the word about material ESG. [environmental, social and governance] problems and highlight the communities and partners who are doing a good job of solving them. »

DBS said it was the first Singaporean company to partner with The Sandbox and the first local bank to foray into the metaverse. The bank said it would also buy carbon offsets to make its metaverse carbon neutral.

The DBS metaverse movement marks its last in the web3 space. Last year, the bank’s brokerage arm, DBS Vickers, received a crypto license from the Monetary Authority of Singapore, allowing its institutional clients to access its DBS Digital Exchange by invitation. DBS also offers a crypto custody solution.

© 2022 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended for use as legal, tax, investment, financial or other advice.

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